Here's some good news for anyone who needs a federal student loan to go to college. On July 1, the fixed rates for new federal loans - Stafford and PLUS loans - will adjust. And those rates are going down.

For example, a new Stafford Loan for undergraduates will be 4.29% down from 4.66%.

Lower interest rates are always good, but Mark Kantrowitz, a student loan expert at the website edvisors.com, says the drop of less than a half percent won't save borrowers all that much.

"For every $10,000 in student loans, that would be $250 savings over a 10-year repayment term or about $2 a month. That's not a lot of savings," Kantrowitz said.

Again, these lower interest rates are only for new loans taken out after July 1st.

Kantrowitz has this advice for families who need to borrow money to pay for higher education.

"Student loans are expensive and you want to keep them to a minimum," he said. "Borrow only what you need, don't borrow to the limit."

Lauren Asher, president of The Institute for College Access and Success, says federal student loans are the "safest way to borrow, with fixed rates, income-based repayment plans and important consumer protections like discharges when schools close.

The Congressional Budget Office predicts much higher rates in 2016 and 2017.

More Info:

• July 1 Brings Lower Interest Rates on New Federal Student Loans
• Interest Rates on New Federal Student Loans to Drop on July 1